DALLAS, March 4 /PRNewswire/ -- Harken Energy Corporation ("Harken") (AMEX: HEC) of Dallas today announced that Donald W. Raymond has been elected to its board of directors.
Raymond has, since 1988, served as chairman of the board of directors of Chuska Resources Corporation ("Chuska"). Effective Feb. 15, 1993, Chuska was acquired by Harken and became a wholly-owed subsidiary of Harken.
A licensed attorney since 1965, Raymond received his law degree from the University of California at Berkeley. From 1965 through 1971, Raymond was in private law practice in San Diego and San Francisco, California. Raymond's private practice was centered on business structuring with an emphasis on international tax matters.
Between 1971 and 1983, through various partnerships, Raymond participated in the drilling and completion of approximately 150 wells in Texas and Kansas. The majority of the oil and gas reserves have since been sold for an aggregate amount to all participants of in excess of $44 million. Raymond continues to hold a participating interest in over 75 wells located primarily in Caldwell, Bastrop and Guadalupe counties, Texas.
Between 1984 and 1988, his principal business activities were serving as chairman of the board of Ute Oil Company, dba A.C.T. Operating Company, an oil and gas operating company, and investing in various oil and gas properties, corporations and partnerships including Austra-Tex I and Austra-Tex II Oil Company.
Ute Oil Company acted as the operator of a drilling project offshore Suriname, South America, from 1985 to 1987 for a consortium composed of Northern Michigan Exploration Company (a subsidiary of Consumers Power), Suriname Aluminum Company (a subsidiary of Aluminum Company of America), Energy World Trade, Inc., Suriname Petroleum Company and a affiliate of Austra-Tex I.
In addition to his oil and gas exploration and production activities, Raymond has, since 1970, participated in various commercial and residential real estate ventures in California, the aggregate value of which exceeded $100 million.
Mikel D. Faulkner, Harken's chairman, said, "It is with great enthusiasm and pride that we welcome Mr. Raymond to the board of directors. His significant energy industry and business background and his expertise developed through years of experience will be of substantial benefit to Harken as we further develop the company along our strategic objectives. I look forward to working with him."
Harken Energy Corporation explores for, develops and produces oil and gas reserves domestically and internationally. Harken also provides oilfield services.
-0- 3/4/93
/CONTACT: Dale Brooks of Harken Energy Corporation, 817-695-4900/
(HEC)

CO: Harken Energy Corporation ST: Texas IN: OIL SU: PER

SH -- NY036 -- 2878 03/04/93 10:11 EST

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